UGC Approved Journal no 63975

ISSN: 2349-5162 | ESTD Year : 2014
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Volume 6 Issue 6
June-2019
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

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Published Paper ID:
JETIR1908C34


Registration ID:
301052

Page Number

257-265

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Title

STUDY OF INDIA’S FOREIGN TRADE WITH EUROPEAN COUNTRIES

Abstract

The Foreign Trade of a country consists of inward and outward movement of goods and services, which result into outflow and inflow of foreign exchange from one country to another country. It is the mainly exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP). Industrialization, advanced transportation, multinational corporations, globalisation and outsourcing are all having a major impact on the international trade system. Increasing international trade is very important to the continuance of globalization. Actually, International trade is a major source of economic revenue for any nation that is considered a world power. Without international trade, nations would be limited to the goods and services produced within their borders.The economy of India is characterised as a developingmarket economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity. According to the International Monetary Fund, on a per capita income basis, India ranked 139th by GDP(nominal) and 118th by GDP (PPP) in 2018. From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation; the end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation. The long-term growth perspective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings and investment rates, and is increasing integration into the global economy. India is amongst the world’s fastest-growing large economies and is an important player in global economic governance. India is an important trade and investment partner for the EU. It represents a sizable and dynamic market, with an annual GDP growth rate of around 6% (pre-Covid-19). In this research paper I focused on major import and export between India and European Countries along with this I also explained the Brexit impact on India-EU trade.

Key Words

The Foreign Trade of a country consists of inward and outward movement of goods and services, which result into outflow and inflow of foreign exchange from one country to another country. It is the mainly exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP). Industrialization, advanced transportation, multinational corporations, globalisation and outsourcing are all having a major impact on the international trade system. Increasing international trade is very important to the continuance of globalization. Actually, International trade is a major source of economic revenue for any nation that is considered a world power. Without international trade, nations would be limited to the goods and services produced within their borders.The economy of India is characterised as a developingmarket economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity. According to the International Monetary Fund, on a per capita income basis, India ranked 139th by GDP(nominal) and 118th by GDP (PPP) in 2018. From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation; the end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation. The long-term growth perspective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings and investment rates, and is increasing integration into the global economy. India is amongst the world’s fastest-growing large economies and is an important player in global economic governance. India is an important trade and investment partner for the EU. It represents a sizable and dynamic market, with an annual GDP growth rate of around 6% (pre-Covid-19). In this research paper I focused on major import and export between India and European Countries along with this I also explained the Brexit impact on India-EU trade.

Cite This Article

"STUDY OF INDIA’S FOREIGN TRADE WITH EUROPEAN COUNTRIES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 6, page no.257-265, June-2019, Available :http://www.jetir.org/papers/JETIR1908C34.pdf

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2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"STUDY OF INDIA’S FOREIGN TRADE WITH EUROPEAN COUNTRIES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 6, page no. pp257-265, June-2019, Available at : http://www.jetir.org/papers/JETIR1908C34.pdf

Publication Details

Published Paper ID: JETIR1908C34
Registration ID: 301052
Published In: Volume 6 | Issue 6 | Year June-2019
DOI (Digital Object Identifier):
Page No: 257-265
Country: -, -, - .
Area: Engineering
ISSN Number: 2349-5162


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